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first term. he used the encounter to address the debt ceiling debate soon to be heating up on capitol hill. bob redell joining us live from the newsroom with the latest details on president obama's speech. good morning. >> good morning, jon. president obama used his final news conference of his first term to demand that congress raise this country's debt limit, warning lawmakers not to play politics with, quote, the full and faith credit of the united states. the treasury department says the u.s. has until march to increase the nation's borrowing limit. otherwise, the country will likely default on its loans. republicans do not seem to be in the mood to negotiate after compromising on the so-called fiscal cliff last month. the gop says it will only raise the debt limit if there are equal dollar for dollar cuts in spending. otherwise, many republican lawmakers have threatened to force a shutdown of the government or let the country default on its loans and hurt its credit rating. the president this morning says that is unacceptable. >> a self-inflicted wound on the economy. it would sl
the debates here in washington. raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a that deep nation. the consequences of us not paying our bills, as i outlined in my opening statement, would be disastrous. i understand the impulse to try to get around this in a simple way. there is one way to get around this. it is for congress to authorize me to pay for those items of spending that they have already authorized. the notion that republicans would suggest that in order for us to get our way on our spending priorities, that we would risk the full faith and credit of the united states, that's, i think, is not what the founders intended but that is not how our democracy should work. they need to sit down and work out a compromise. [inaudible question] >> there is a pretty straightforward way of doing this. we pay our bills. and then we have a vigorous debate about how we will do further deficit reduction in a balanced way. keep in mind, what we have heard from some republicans in both the house and senate is that they
debate. first, on the rising debt ceiling, the president took direct aim at republicans accusing them of using the nation's credit rating as a, quote, bargaining chip. >> the republicans in congress had two choices here. they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. but they will not collect our ransom in exchange for not crashing the american economy. the issue here is whether or not america pays its bills. we are not a deadbeat nation. >> and the debate over guns, one month after 26 children and adults were killed in newtown, and with the nra saying assault weapon ban would not pass congress, the president urged house members to, quote, examine their own conscience. >> the belief that we have to have stronger background checks, that we can do a much better job in terms of keeping these magazine clips with high capacity out of the hands of folks who shouldn't have them, an assault weapons ban that's meaningful, that those are things i continue to believe make sense. will all of them get through this con
the president is going to want to start to frame the debate that is upcoming with congress on the debt ceiling, try to get his position out there. he may also touch on his proposals for immigration reform and a couple of other goodies that he would like to get done in his second term but of course these things don't always necessarily go, the press don't always necessarily play along the way the president likes. there are questions to be answered for instance, u.s. troops in afghanistan after 2014. how many are going to be there. what about unemployment in this country? what are the president's plans and of course that trillion dollar deficit. lots of questions for the president. he will be answering them in about 15 minutes. we'll have it for you live. heather: in the meantime let's head out to california and that is where a nightclub brawl spills out onto the streets and it is all caught on video. the fight ending with a teenager and, excuse me, with gunfire and a teenager dead. now california police are on the hunt for the killer this morning. jamie colby is covering this story live from ou
the debt ceiling debate. i'm just getting in my ear now that this has been pushed to 11:40 so inching back by the minute. so maybe we should guess it will start around noontime but that's just a guess. i want to bring in nbc's andrea mitchell from washington, d.c. andrea, it's great for you to join me. i appreciate it. the one thing i think that's made a lot of news, not only the debt ceiling talk, the gun control debate, and where that stands. but i want to remind everybody colin powell hearing on "meet the press" this beekd to talk with david gregory about chuck hagel but also bringing up the gop intolerance that he has witnessed and what he feels like exists now in d.c. take a listen. >> i think the republican party right now is having an identity problem. and i'm still a republican. i think what the republican party needs to do now is take a very hard look at itself and understand that the country has changed. the country is changing demographically. and if the republican party does not change along with the demographic, they're going to be in trouble. >> andrea, over the last 24 hours
right. matt spetaling. >> thank you, sir. you've spoken extensively about the debt ceiling debate, but some republicans have further said that they're willing to allow a government shutdown to take place rather than put off deep spending cuts. are you prepared to allow the government to grind to a halt if you disagree with the spending cut proposals they put forth? and who do you think the american people would blame if that came to pass? >> well, ultimately congress makes the decision about whether or not we spend money and whether or not we keep this government open. if the republicans in congress make a decision that they want to shut down the government in order to get their way, then they have the votes at least in the house of representatives, probably, to do that. i think that would be a mistake. ting it would be profoundly damaging to our economy. i think it would actually add to our deficit, because it will impede growth. i think it's shortsighted. but they're elected representatives, and folks put them into those positions and they're going to have to make a decision abo
ceiling debate and a global slowdown. if you had to call it a baseball game, what inning are we in? >> i'd say the second inning, third inning. there's a lot of left. >> wow. >> this is the year of all-time new highs? >> all-time new highs? >> as we speak. >> all-time new high for the nasdaq would be 5,000, right? >> i didn't say the nasdaq. >> okay. >> okay. so we have found the ceiling somewhere. >> it'd be fine. >> i asked our staff which chart you'd want to show to support your bullish stance and they showed me the russell 2,000. sthast where you're getting your bullishness right now? >> first of all, the dow jones is away from an all-time new high. the dow transportation index is less than 1% away from an all-time new high. when i see the secondaries as leaders, bill, that's the risk trade is back. i think that leadership suggests a lot more on the upside. >> so the secondary -- so-called secondaries are doing well. you think the blue chips will catch up with them and that's where we get the new highs then? >> well said. >> all right. >> what carries us? we know we've got dysfunctio
or not debating is the idea that the debt ceiling in the united states is a very unusual tool, only one other country has it. and it is because what used to happen is whenever the government needed to spend money, particularly when you're in a deficit, the treasury of the united states would have to go out and issue bonds in order to get cash to pay for it. and that was just a cumber some, awkward thing to do. what they did was create this debt cerealing which meant t ce could issue bonds for chunks of money not related to every single law that was passed. it was just because it was cumbersome. it is not a debt control or spending control measure. the president used an analogy today, used many, to say this is like eating at a restaurant, having your fill and not paying the bill. if you want to discuss -- >> dine and dash. >> yes, dine and dash. we have two problems. one is we have to understand the terms of this thing. this is about increasing the treasury's ability to pay for things that have already been committed to by the government. the danger is if you have this discussion about not pay
's bank account. previous debt ceiling debates, treasury and the fed work together to come up with a payment plan to prioritize how to use what money the government has on hand. but i talked to several fed officials about prior debt ceiling showdowns, and they said the fed said there would be no way to proceed without money in the treasury. we'll see what president obama says in his press conference, if he ratchets up the rhetoric this morning. he's been clear he would negotiate only spending cuts, but not in context of the debt ceiling debate. simon? >> okay. >> steve, are we all agreed on what the word default means in this case? we're going to be talking about it an awful lot. >> great question, carl. it's a political question. you can default on the interest payments, and that's a sort of, i guess the technical or legal version of default. or you can default on obligations. in other words, the government incurs a debt, but doesn't pay it. that's of a different order of magnitude from defaulting on the interest payments on the debt. in general, the white house wants you to
background checks. >>> and the debt ceiling debate is heating up, as well, with the obama administration insisting it won't negotiate with republicans on raising the ceiling. the white house says congress can either pay its bills or it can put the nation into default. reports suggest the government can run out of action to pay those bills as early as mid february. >>> and the creators of south park are setting up their own production studio. they've secured $2 million to set up a company called important stud wrote. the new studio will incorporate revenue from south park and the hit broadway play "the book of mormons." >>> and the ftse 100 closed up with a fresh 4 1/2 low on friday. we had a pupil by another market. but today, the xetra dax, cac 40 and the ibex, as well. shaking off that production data. take a look at what's on today's agenda in the u.s. fed chief ben bernanke will be speaking at the university of michigan later on. he'll discuss monetary policy, recovery from the financial crisis and is long-term challenges facing the u.s. economy. bernanke's xhnts will set the tone fo
. in the previous debt ceiling debates, the fed worked together to come up with a payment plan with the fed to prioritize how to use the money that the government had on hand. but i talked to several former fed officials about those prior debt ceiling showdowns. they tell me the fed internally resolved not to fund the treasury if it ran out of money. so that's another idea out the window. and guys, what's interesting here, is that even if we hit the debt ceiling, the government, as long as there's appropriations, will continue to gather up bills. and there are all kinds of legal statutes about if the government doesn't make a payment, and interest on those bills, and everything so that doesn't solve it. only when the appropriations run out and there's a second kind of debt ceiling showdown moment, which is the end of march when the continuing resolution runs out, and that's when they'll shut the government down and the government will stop incurring costs. so as long as there's appropriations, the government will continue to spend, and only shutting down the government stops the spending, a
for the debt ceiling limit debate. we have breaking news from rich edson joining us live from d.c. go ahead, rich. >> a new debt ceiling target date from treasury, mid-february to early march says treasury. remember we technically hit the debt ceiling on new year's eve but treasury is undergoing what are known as extraordinary measures to keep paying the bills. this in a letter to speaker john boehner from the treasury department. treasury currently expects to exhaust these extraordinary measures between mid-february and early march of this year. any estimate however will be subject to a significant amount of uncertainty because we are entering the tax filing season. a warning to republicans saying threaten to undermind our credit worthiness is no less irresponsible than threatening to undermined the rule of law and no more legitimate than any other common demand for ransom. very similar to the tone and warning about i president obama earlier today in a news conference saying that the congress has ordered him to spend this money and therefore must raise the debt ceiling with no strings atta
genius you are? no. we have a debate on the debt ceiling. can we actually talk about the debt. oh, all bush's fault. okay. let's talk about guns, there's not a single idea that's leaked out of this white house or pushed on capitol hill that would have prevented the horrific mass murder in connecticut. they're dusting off all their wants and demands and trying to pour it into this tragedy like they always do. we have a second amendment. the second amendment matters. and so it's not up for grabs whether biden and obama or the goofball governor of maryland or the rest of them, but yet, and yet you would think that the constitution is just another statute for these guys to play with. this is why i'm furious, once we lose the constitution, and we're losing it big, what's left? how do we keep these people in check. >> megyn: how do you see this emerging with the public, if it doesn't sound like he's got the votes in the house to pass gun control legislation and he may in fact resort to executive action, president george h.w. bush issued an executive order on gun control when he was president
worried with would happen with the cliff. >> right. tracy: here we are with the debt ceiling debate, you still have to be worried. >> less, by a lot. the idea of everybody's income tax rates going up to the degree they could have without working this out could have been much more catastrophic to the economy. certain things have to be done. i'm much less concerned now than i was two months ago. tracy: we do have people with smaller paychecks. >> yes. tracy: your fees run, what, about sign-up is $50. comes down to a month? >> less than that. >> most people do meetings, monthly pass. no sign-up fee. $42.95 a month. weight watchers less than $10 a week. weight watchers online is less than $10 a month. tracy: are you worried this is one of the things i drop? >> if you look at the cost of obesity the way it impacts individuals and insurance companies and employers, the cost of diabetes, cost of heart disease, cost of cardiovascular, it is the best investment you can make from roi point of view as being healthy. from our point of view we focus on that value message. tracy: you hope that is how
, understandably, aren't following all the debates here in washington -- raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. and we are not a dead-beat nation. and the consequences of us not paying our bills, as i outlined in my opening statement, would be disastrous. so i understand the impulse to try to get around this in a simple way. but there's one way to get around this. there's one way to deal with it. and that is for congress to authorize me to pay for those items of spending that they have already authorized. and the notion that republicans in the house, or maybe some republicans in the senate, would suggest that "in order for us to get our way on our spending priorities, that we would risk the full faith and credit of the united states" -- that i think is not what the founders intended. that's not how i think most americans think our democracy should work. view;e got a point of democrats in congress have a point of view. they need to sit down and work out a compromise. >> you just outlined an entire rationale for w
people understandably aren't following all the debates here in washington. raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. and we are not a deadbeat nation. and the consequences of us not paying our bills, as i outlined in my opening statement, would be disastrous. so i understand the impulse to try to get around this in a simple way. but there's one way to get around this. there's one way to deal with it and that's for congress to authorize me to pay for those items of spending that they have already authorized. and, you know, the notion that republicans in the house or maybe some republicans in the senate would suggest that in order for us to get our way on our spending priorities that we would risk the full faith and credit of the united states, that, i think, is not what the founders intended, that's not how i think most americans think our democracy should work. they've got a point of view, democrats and congress have a point of view. they need to sit down and work out a compromise. [ inaudible question ] >> yeah. [ i
this. and that is to set the debt ceiling aside, we pay our bills, and then we have a vigorous debate about how we're going to do further deficit reduction in a balanced way. now, keep in mind, that, you know, what we've heard from some republicans, in both the house and the senate, is that they will only increase the debt ceiling by the amount of spending cuts that they're able to push through. and in order to replace the automatic spending cuts, the sequester, that's $1.2 trillion. say it takes another trillion or trillion-two to get us through one more year, they'd have to identify $2.5 trillion in cuts just to get the debt ceiling extended to next year. $2.5 trillion. they can't even -- congress has not been able to identify $1.2 trillion in cuts that they're happy with. because these same republicans say they don't want to cut defense. they've claimed that they don't want to gut medicare or harm the vulnerable. but the truth of the matter is that you can't meet their own criteria without drastically cutting medicare or having an impact on medicaid or affecting our defense spendin
and then let them -- himself included -- all debate the deficit independent of raising the debt ceiling. he is making an argument. he is appealing directly to the american people about this. this press conference was mostly an argument about that very point, but at the same time you heard the president say that he is willing to make modifications to medicare. i know talking to other people close to him privately that that's very much on the table for him. so i think he would be open to looking for a way to now addressing entitlements, addressing some additional spending, and probably like some tax reform as well and keep the issue of revenue alive even if at the end of the day that has to be pegged to raising the debt ceiling. remember, the white house thought that the debt ceiling politics would only hurt republicans last summer. it hurt the president pretty badly as well. they're mindful of that. >> he is making a fairly strong opening argument months in advance of the actual deadline. david, in terms of how the republicans respond to this, we dot a read-out on mitch mcconnell's statement
the debt ceiling aside, pay the bills, and then have a vigorous debate about how we will do further deficit reduction in a balanced way. keep in mind that what we have heard from some republicans in both the house and senate is they will only increase the debt ceiling by the amount of spending cuts that they are able to push through. in order to replace the automatic spending cuts and a sequester, 1.2 trillion, say it takes another trillion to get us through one more year, they would have to identify 2.5 trillion dollars in cuts just to get the debt ceiling extended to next year. 2.5 trillion. congress has not been able to identify 1.2 trillion and cuts their happy with. because the same republicans say they do not want to cut the fence. and they have claimed they do not want to gut medicare or harmed the vulnerable, but the truth of the matter is you cannot meet their own criteria without drastically cutting medicare or having an impact on medicaid or affecting the defense spending. add up.justth is not here is what would work. -- the math test is not at about it adds up to. 0.5 trillion d
to cuts in spending. the president flatly disagreed. >> i want to be clear about this. the debt ceiling is not a question of authorizing more spending. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. >> brown: the 2011 stand-off between the president and republicans over the debt ceiling led the nation to the bryning of national default. standard and poors even lowered its rating on u.s. government bonds. today, president obama said any repeat performance would be, quote, irresponsible. >> if the goal is to make sure that we are being responsible about our debt and our deficit, if that's the conversation we're having, i'm happy to have that conversation. what i will not do is to have that negotiation with a gun at the head of the american people. >> brown: at the same time, the president rejected urgings by some democrats that he raised the debt ceiling on his own authority. republicans were quick to answer the chief
people understandably aren't following all of the debates here in washington, raising the debt ceiling does not authorize us to spends more. all it does is say, that america will pay its bills. and we are not a deadbeat nation. and the consequences of us not paying our bills as i outlined in my opening statement would be disastrous. so, i understand the impulse to try to get around this in a simple way. but there's one way to get around this and that is for congress to authorize me to pay for those items of spending that they have already authorized. and you know, the notion that republicans in the house or maybe some republicans in the senate would suggest that in order for us to get our way on our spending priorities, that we would risk the full faith and credit of the united states, that i think, is not what the founders intended. that's not how i think most americans think our democracy should work. they've got a point of view. democrats in congress have a point of view. they need to sit down. and work out a compromise. yeah. well, look, chuck, there are -- there's a pretty straigh
it out at the o.k. corral fight over raising the debt ceiling in a few weeks. president obama has already said he will not negotiate on raising the debt ceiling. here's what he said. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. let me repeat. we can't not pay bills that we've already incurred. >> and here's the response he got the next day from republican senator pat toomey of pennsylvania. >> our opportunity here is on the debt ceiling. the president's made it very clear; he doesn't even want to have a discussion about it, because he knows this is where we have leverage. we republicans need to be willing to tolerate a temporary partial government shutdown, which is what that could mean, and insist that we get off the road to greece, because that's the road we're on right now. we only can solve this problem by getting spending under control and restructuring the entitlement programs. there is no tax solution to this. it's a spending solution. and if this president doesn'
and the theretos from the fiscal debate, the u.s. economy is not out of the woods yet. raising the debt ceiling, he said, gives the opportunity to spend now. like a family trying to raise its credit rating not deciding to pay bills. we think we're getting some effect in lowering interest rates but it's still early yet to tell. we have found qe to be an effective tool. we will continue to assess how effective. just before you came to me he was asked one of the criticisms. aren't the fed quantitative policies overspending by congress. the chairman saying it's not the fed's job to play games and make congress do what it should be doing on its own. >> he keeps saying this in so many words. you'd think people would get it at this point. thank you so much. >> you would think, yeah. >> steve leisman. president obama telling republicans to move quickly on the debt ceiling. jon harwood on the president's main theme at his news conference today. >> his main theme was to draw a brighter line with republicans in that fight over the debt ceiling. republicans saying we want dollar for dollar spending cuts. the p
have to have the debate every three months? >> eric: sure. start with the debt ceiling and how it came about. prior to world war i, everybody was paid. the debt we incurred was paid for through various bonds. world war i to world war ii, fdr got together with the treasury secretary and set let's put a debt ceiling op and they started to borrow money. that amount in 1949 was $45 billion. today, $16.4 trillion. that is 46,400% higher. between 1939 and 1980, we never exceeded $1 trillion in debt. now we push $17 trillion. the problem with the sound bite is president obama was the guy in 2006 that said i will not vote for you. he wouldn't vote for a debt ceiling increase. leadership means the buck stops here. that's why i won't vote for raising the debt creteing. that is senator, senator obama in 2006. he voted against raising the debt ceiling. calls it unpatriot i cannot to do it now. >> dana: president obama was called out on this before. saying it was unpatriotic and lack of leadership. that's why you would vote against it. now it's unpatriotic if the patriot act hold you to spending re
here in washington -- raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills, and we are not a deadbeat nation. and the consequences of us not paying our bills, as i outlined in my opening statement, would be disastrous. so, i understand the impulse to try to get around this in a simple way but there is one way to get around this. there's one way to deal with it and that is for congress to authorize me to pay for those items of spending that they have already authorized. and you know, the notion that republicans in the house or maybe some felons the senate would suggest that in order for us to get our way on our spending priorities that we would risk the full faith and credit of the united states that i think is not what the founders intended, that's not how i think most americans think our democracy should work. you know they've got a point of view view, democrats in congress have a point of view. they need to sit down and work out a compromise. [ inaudible question ] >> yeah. >> and if then you're n
the american people understandably aren't following all of the debates here in washington. raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. the consequences of us not paying our bills, as i outlined, opening statement would be disastrous. so i understand the impulse to try to get around this in a simple way. but there's one way to get around this. there's one way to deal with it? that's for congress to authorize me to pay for those items of spending that they've already authorized and -- and -- the notion that republicans in the house or maybe some republicans in the senate would suggest that in order for us to get tower way on our priorities -- to get our way on our spending priorities that we would risk the full faith and credit of the united states that i think is not what the founders intended. that's not how most americans think our democracy should work. they've got a point of view. democrats in congress have a point of view. they need to sit down and work out a compromise. >> you've been li
up. but at 10:35 this morning we will have mr. pratt on this program. got it. now to the debt debate. it's turned into a power grab, leading democrats in both houses of congress urging president obama to use the he 14th amendment to bypass congress and go over the debt ceiling. here is what nancy pelosi said about it, and i'm quoting directly, i would use the 14th amendment. which said that the united states will always be paying. i would just go do it. the judge weighs in on the 14th amendment later this hour and coming up right after the opening bell, we'll have art laffer with us, former reagan economic advisor. what happens if we ignore the debt ceiling? i've got big news and a major hit for apple's iphone. weak demand forces the company to cut orders. samsung is the new kid on the block with the galaxy. find out how apple opens after the upcoming break and congress says that climate change is it here and it's our fault. is a carbon tax coming? yeah, art laffer on that, too, apple may be below 500 bucks a share, we'll tell you. we've got it all. [ male announcer ] you are a busin
the outside appear to be ritualized fights and markets thing, they are going to raise the debt ceiling and we don't need to listen until we do. >> neil: well put. thank you very much. and the debate is heating up. the this ceo is ready to shake things up. how he is pushing washington and both sides to get off the talking points and just get to work. machine. machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. i've been fortunate to win on golf's biggest stages. but when joint pain and stiffness from psoriatic arthritis hit, even the smallest things became difficult. i finally understood what serious joint pain is like. i talked to my rheumatologist and he prescribed enbrel. enbrel can help relieve pain, stiffness, and stop joint damage. enbrel may lower your ability to fight infections. serious, sometimes fatal events including infections, tuberculosis, lymphoma, other cancers, nervous system and blood disorders, and allergic reactions have occurred
's coming up in march? funding the government and raising the debt ceiling. >> oh, sure. yes, we can. i'm not too sure -- >> i understand, but do you think that's going to happen? >> no, i don't. i do believe that the house will postpone any consideration of anything resembling gun control until such time that the senate acts and i think the house is going to focus all of its attention on the debt ceiling and the sequestration. >> white house says they're not negotiating. yet senate democrats have win a letter basically begging the president to come up with a plan b. if the house republicans saying they're not going to raise the debt ceiling without they're going to use it as leverage and the president says no, then the president needs to come up with a plan b. do you think the president needs a plan b. >> well, plan b, to me, is the executive order and i know what the white house has said about that. you may recall -- >> when you say exec tiff order, do you mean the 14th amendment option? >> i've been here for two years now. they're saying ever since they had the last debate and i thin
comes the debt ceiling. that's, frankly, a dead loser. >> john boehner doesn't think that way and you know it. >> he has to learn to think that way. >> remember in the candy crowly debate and mitt romney trying to get the president on benghazi and there's this moment and the president just goes, please proceed, governor. it strikes me that this is almost a, please proceed gop moment because it's a disaster for the gop and for our economy if they take this to the brink with the debt ceiling and the government shutdown. he needs to be, you know, go ahead, gop, what are the cuts specifically that you want? because they have never been able to do that. what's the plan? let them, let boehner and the guys wrest wl their own caucus, whoever's willing to go to the brink and there are a significant number who are willing to take the country to the brink. let them wristestle with it. it is not acceptable and okay to do. >> but he typically gets to that point and gives in. >> well -- >> right. >> but we are looking at this. i mean, you're right because he actually cares about the economic conseq
Search Results 0 to 31 of about 32 (some duplicates have been removed)